We construct a two-dimensional action that is an extension of spherically symmetric Einstein-Lanczos-Lovelock gravity. The action contains arbitrary functions of the areal radius and the norm squared of its gradient, but the field equations are second order and obey Birkhoffs theorem. In complete analogy with spherically symmetric Einstein-Lanczos-Lovelock gravity, the field equations admit the generalized Misner-Sharp mass as the first integral that determines the form of the vacuum solution. The arbitrary functions in the action allow for vacuum solutions that describe a larger class of interesting nonsingular black-hole spacetimes than previously available.